- 學位論文
金控公司對投資型保單經營風險的影響
The business variation of equity-linked policy business in financial holding insurance companies versus non-financial holding insurance companies
摘要
本文主要對保險公司是否為金控公司對投資型保單經營風險的影響，利用一階及二階隨機優越和一階幾乎隨機優越及二階幾乎隨機優越所判別出是否為金控公司體系的公司對於經營投資型商品時的風險較低或表現較好。利用單位資本保費收入當作隨機優越判別之對象以及市場和公司之間的成長率的差別算出風險指標利用簡單迴歸模型(OLS)判別金控公司和非金控公司與風險指標的相關性。 研究顯示，整體的金控公司和整體市場相比在一階幾乎隨機優越下能夠比較出整體金控公司較優越，而金控體系下的個別公司在銷售投資型商品時的風險在一階隨機優越中無法立即判斷出結果但以一階幾乎隨機優越其比例面積比較後能判別出其優越於非金控體系的個別公司。而在二階幾乎隨機優越下，整體金控公司無法判別出是否能優越於整體市場，但個別金控公司與個別非金控公司兩兩相做比較下皆能發現金控體系的公司風險較低。雖然迴歸模型無法判別其顯著性，但依相關性分析會發現是否為金控公司和R指標呈現顯著性負相關。
並列摘要
The study discusses the impact of the business variation of equity-linked policy business in financial holding insurance companies versus non-financial holding insurance companies. We used First-order Stochastic Dominance(FSD)、Second-order Stochastic Dominance (SSD)、Almost First-order Stochastic Dominance (AFSD) and Almost Second-order Stochastic Dominance (ASSD) to analyze whether operating the equity-linked policy of financial holding insurance companies of less risk or having better performance. And we used the premium of unit capital as variable of Stochastic Dominance then used market growth rate for variable of OLS to analyze the correlation of financial holding companies or non-financial holding companies. This study shows whole financial holding companies are better than whole market under the FSD. With AFSD we choice 2 financial holding companies to compare 2 non-financial holding companies then find it financial holding companies are better. However whole financial holding companies can’t show that better than non-financial holding companies by ASSD. But Riskiness have significant negative on Financial variable.